Find out how this year’s candidates stock up against the average American. Muhammad Alimaki / Shutterstock.com
Median household wealth in the U.S. in 2021 was $166,900. With one exception, this year’s presidential and vice presidential contenders are doing quite a bit better than that. Three of the four people on the Democrat and Republican tickets for the White House are millionaires — or in the case of one of them, a billionaire. Here is how the net worth of each candidate stacks up.
Research shows that these simple actions can help keep your mind in shape. Ground Picture / Shutterstock.com
It’s time to think beyond crossword puzzles and sudoku. While some research does show that these activities and other “brain-training” games can slow cognitive decline, they aren’t the only ways to keep your mind sharp. Try one of these other strategies to avoid embarrassing memory lapses.
Find out what’s behind this hot market and how to cash in on the moment. Kara Milan / Shutterstock.com
Any chance you know when you last saw your wide-eyed Furby in your parents’ basement? Does your teenage dresser now double as a time capsule storing Spice Girls posters? Could your old Sega Genesis console still be up in the attic? If so, now is the time to sell that ’90s memorabilia. Members of Gen Z, who were born in the 1990s and early 2000s are fans of the music that was hot in that era and…
For those who want the best pay, these are the skills to develop and hone. Olena Yakobchuk / Shutterstock.com
In today’s dynamic job market, financial success often hinges on more than traditional factors such as education or years of experience alone. Many job seekers are pursuing high-income skills to advance their careers and adapt to the rise of skills-based hiring practices that top companies are adopting. We’ll explore examples of high-income skills, offering insight into the transformative…
Mortgage rates just took a dive. But does that make it a good time to buy a home? [[{“value”:”
Image source: Getty Images
If you’ve been tracking mortgage rates in the hopes of seeing them fall, here’s some good news. The average rate on a 30-year mortgage recently dropped from 6.73% to 6.47%. That’s the lowest rate since May 2023.
But does this recent plunge in mortgage rates mean you should rush into homeownership before the summer wraps up? Not necessarily.
Mortgage rates are indeed a lot lower today than they were a week ago, but an average 30-year loan rate of 6.47% is still pretty high. Roughly two years ago today, the average 30-year mortgage rate was 4.99%. And five years ago today, it was 3.60%.
Of course, we’re in a different interest rate environment now compared to the summer of 2022 and 2019. The point, however, is that while it’s encouraging to see mortgage rates on the downswing, there’s still further to go.
The Federal Reserve is expected to start cutting its benchmark interest rate before the end of the year, and rate cuts should continue into 2025. That’s likely to send mortgage rates lower.
And while we may not see them dip into the 3% or 4% range, it’s not unreasonable to assume that buyers may be looking at mortgages in the 5% range at some point next year. If you’re in a stable housing situation now, it could pay to wait.
Another thing to consider is that U.S. home prices are up right now. Zillow reports that the average U.S. home value is $363,438. That’s a 3.8% increase from a year ago. The combination of higher prices and elevated mortgage rates could make buying a home difficult.
Once mortgage rates fall further, more homeowners who have been hesitant to give up their lower rates should be motivated to list their properties. That should open up inventory and help supply catch up with demand, thereby helping home prices come down.
While you shouldn’t rush out and buy a home just because mortgage rates are now a bit lower, doing so could also be a perfectly fine idea if your financial situation allows for it. Consider your overall financial picture when making your choice.
Don’t put pressure on yourself to buy a home this month just because of a notable dip in mortgage rates. If you can afford a home based on today’s prices and mortgage rates, and you find one that suits your needs, then you may want to pounce — especially if you’ve been looking for a while and have finally come across a listing you’re excited about.
You might still have some saving to do for a down payment, or perhaps buying a home in your preferred neighborhood is still a stretch based on current prices. So take the time to think things through because there’s a good chance mortgage rates will continue to drop if you’re patient.
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Regain control over your spending habits with expert tips. Discover three easy ways to transform your financial behavior. [[{“value”:”
Image source: Getty Images
Lights flashed. “No!” my friend cried. He was devastated. Fifteen minutes of betting his money on a single slot machine, and no dice. He’d spent half of his gambling budget in 10 minutes. I still had money left, so we wandered around the casino. He watched me play, fidgeting. His hand drifted toward the wallet he’d tucked into his pocket — the credit cards therein.
The question came a minute later. “Hey, should I withdraw another $100?” “No,” I said, because I knew the second we left the casino, he’d regret it. It was easy for me to say it because I had money left. But when I spent the last of my budget, I, too, was tempted.
How do you resist the powerful temptation of spending just a little more?
Bestselling author James Clear addresses this in his book Atomic Habits, the go-to book on how to build sticky habits. His expertise contains the seeds of wisdom needed to immediately seize back control over one’s spending habits.
I decided against spending more money at the casino. Not because I have supreme willpower — I don’t. My recent Uber Eats history proves my willpower is average, at best. No, I walked out of there because I’d prepared in advance. I’d made a single move that would make saying “yes” to withdrawing more cash even harder than saying “no.”
The move: Before we left the car, I made sure I didn’t have any credit cards on me. I pocketed the $100 of cash I’d budgeted for gambling, and left the rest behind. When it came time to leave the casino, I realized I’d have to run to my car if I wanted to withdraw more cash.
It was enough. Turns out, adding a bit of friction makes overspending much easier to resist. It’s a trick I plan to recycle at bars, casinos, theme parks, and places where I often spend more than I’d planned.
“Make bad habits difficult” is an important lesson taught by Atomic Habits. That said, it’s far from the only one. Even more effective was how the book helped me spend less on subscriptions.
I spend a lot on meal delivery. The root of my problem is, it’s easy to justify the behavior when it’s tied to subscriptions like Uber Eats and DoorDash. Ergo, I need to unsubscribe. But, subscriptions make delivery fees cheaper — so I need to stay subscribed.
A catch-22. But earlier this year, I managed to overcome it. What tipped me over the ledge was a piece of advice from Atomic Habits: Make bad spending habits obvious.
In a single night, I hunted down and canceled about 10 subscriptions. My thinking was, it’s easy to pay for monthly subscriptions when I hardly think about them. If I forced myself to renew subscriptions manually, I figured, it would force me to think about costs.
The results were shockingly effective. Months later, I’ve killed my bad Uber Eats habits. I’ve done the same to my TV habits by turning off auto-renewals for streaming. My free time has expanded, and I’m spending less than ever on meal delivery.
Now that I must suffer from the shock of watching money leave my checking account, it’s a million times easier to say “nope” to bad spending habits.
2024 began by smacking me with the biggest tax bill of my life. I’d miscalculated how much I’d owed the IRS by thousands. Thank God, I’d set aside a big chunk of money for taxes. I’d done so with what felt like zero effort, even though it all came from my paycheck.
Truth is, I’m terrible at saving when I have to do so manually. I’m always tempted to spend my savings on food or clothes (I’m a sucker for jackets). That I managed to save money regardless is not special to me, but rather, another trick I learned from Atomic Habits.
The opposite of making a bad habit (overspending) difficult, is making a good habit (saving money) easy. I made saving easy by setting up auto-contributions to my savings account. I sent 10% of all my paychecks automatically to savings — zero willpower required.
My biggest takeaway from Atomic Habits is the less you lean upon willpower, the more control you have over your spending habits. Overcoming financial distress with sheer gumption is a fun idea that has cost me a lot of money. What actually works: counter-intuitive psychology.
Weird, but true. If you’re looking for new ways to think about money, consider checking out Atomic Habits. It’s one of my top three books that have changed how I spend and save.
Less life hacks, and more wisdom by experts who consider how people actually think. A good book has helped me seize back control over my spending habits. If an average Netflix-binger like me can benefit, why not you?
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Cole Tretheway has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intuit, Netflix, and Uber Technologies. The Motley Fool has a disclosure policy.
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